Research
Fostering Black Leadership in Insurance
The insurance industry sits at a defining crossroads. Taking on the increasing complexity of risk management in the future will require innovation and adaptability, which, in turn, are fueled by the capacity to challenge conventional thinking, encourage fresh ideas, and promote creative problem-solving. As one of the largest employers and most influential sectors in the U.S. economy, the industry’s ability to grow, innovate, and sustain public trust depends on how effectively it develops and elevates diverse leadership.
In 2024, Black professionals represented 14.7% of the insurance workforce, a steady but modest increase from 9.9% a decade ago. Yet, despite these gains, representation in senior and executive roles remains critically low: only 1.8% of executives at the top ten insurers are Black, and across the Fortune 500, just eight Black CEOs lead major corporations.
These numbers tell only part of the story. The lack of Black representation in leadership is not a question of talent—it is a question of systems, access, and intentional investment. BIIC exists to address these systemic barriers head-on. As a national coalition of industry leaders and partners, we are committed to transforming the pipeline for Black leadership through data-driven research, executive development, sponsorship advocacy, and community engagement.
Our 2025 report, Fostering Black Leadership in Insurance, outlines both the challenges and solutions that define the path forward. Data reveal that while Black professionals are well represented in entry-level and client-support roles, they remain largely absent from positions with decision-making and higher-earning opportunities. Our research indicates the driving factors are structural: inequitable hiring and promotion practices, limited sponsorship access, emotional taxation from bias, and recruitment cultures that prioritize “fit” over value.